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Newbie - foreclosure help


Guest mschangkit
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Guest mschangkit

Last year, I helped a friend out of an investment property by co-signing as a co-borrower. His dad was the primary borrower, but my friend continued to make mortgage payments on the house until recently.

Long story short, he stopped making payments, it went into foreclosure and now my credit is messed up because of it.

Question: can I dispute this and can it be removed? I never lived in the house, the bank never contacted me about it going into foreclosure and when I tried contacting the bank using my SS#, the house never showed up in my name or as a co-borrower.

This is the only bad thing on my credit report and I haven't even bought my first house yet!!

Please help!!

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"...co-signing as a co-borrower..."

Both/either mean you are 100% for liable for the debt. The loan balance will be factored into your Debt-to-Income Ratio. The tradeline rightfully should appear on your credit report. So there is nothing to dispute.

Sorry to say you've learned the cruelest lesson about cosigning. Your friend screwed you and his dad. I wish you luck.

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